Oil Prices Increase in Wake of Wildfires in Canada, Market Watchful of New Energy Minister in Saudi

Canada

Wildfires that have been raging in the Fort McMurray, Alberta in Canada, the oil sand region, has resulted in the loss of production capacity of a million barrels daily. This has contributed to the tightening of the markets. This capacity lost is equal to more than one-third of Canada’s normal daily production. Normally, as almost the complete crude from the oil sands produced is exported to the US the loss of production capacity has cause the US crude futures to rise by 84 cents or 1.9% to $45.50 per barrel. The international Brent crude rose by 62 cents or 1.4% to become $45.99 per barrel.

Read Full News At: http://www.researz.com/oil-prices-increase-wake-wildfires-canada-market-watchful-new-energy-minister-saudi

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